08-22-88 Council Meeting Minutes

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-55 _ US,AR_MEETING AriGUST -?2 1QRR the provisions of South Bend Municipal Code Section 2 -76, et sec., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; B. That the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described redevelopment or rehabilitation; C. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed redevelopment or rehabilitations; D. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and; E. That the totality of benefits is sufficient to justify the deduction, all of which satisfy the requirements of I.C. 6 -1.1- 12.1 -3 and which can be reasonably expected to result from the installation of the new manufacturing equipment. SECTION III. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in sections I through II of the Petition for Personal Property Tax Abatement consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Section 6 -1.1- 12.1 -4.5 of the Indiana Code. SECTION IV. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation. SECTION V. The Common Council determines that such designation is for personal property tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years. SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Personal Property Tax Abatement to be published, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ John Voorde Member of the Common Council A public hearing was held on the resolutions at this time. Ernest Szarwark, attorney, made the presentations for the resolutions. He indicated Allied Stamping Division plans to renovate the exterior and interior of their building, as well as expand the office. He indicated that additionally, they plan to upgrade the equipment. He indicated they are facing mounting competition. He indicated the purpose of this project is to obtain certification as a preferred supplier to the Big 3 auto makers by improving capacity and quality. He indicated such certification will assure continued operations in South Bend. He indicated this project will save approximately 400 existing jobs. Council Member Luecke made a motion to continue Resolution 88 -56, until September 12 in the Council portion, seconded by Council Member Voorde. The motion carried. Council Member Luecke made a motion to adopt Resolution No. 1636 -88, seconded by Council Member Voorde. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 1637 -88 INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA RELATING TO AN APPLICATION BY ALLIED PRODUCTS CORPORATION FOR THE ISSUANCE OF CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS STATEMENT OF PURPOSE AND INTENT: At the present time there are insufficient employment and business opportunities and insufficient diversification of business, commerce and industry in and near the City of South Bend, Indiana (the "City "). The economic welfare of the City would be benefited by the acquisition and rehabilitation of economic development facilities within the corporate limits of the City pursuant to the provisions of Indiana Code 36 -7 -11.9 and -12 (the "Act ").